Micron says now expects overall headcount reduction to approach 15%

Says has made additional reductions to fiscal 2023 capex plan and now expects to invest approximately $7B, down more than 40% from last year, with wafer fab equipment, or WFE, down more than 50%. Says in fiscal 2024, expects WFE to fall further. Says further reduced DRAM and NAND wafer starts, which are now down by approximately 25%. Says for calendar 2023 now expects Micron’s year-on-year bit supply growth to be meaningfully negative for DRAM. Says also expects to produce fewer NAND bits in calendar 2023 than in calendar 2022. Says made further reductions to operating expenses beyond the executive salary cuts and suspension of Micron’s fiscal 2023 bonuses companywide. Says now expect overall headcount reduction to approach 15%.